Medical Implants Market Snapshot
|Study Period:||2018 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The medical implants market was estimated at USD 89,230 million in 2020, and is expected to witness a CAGR of 6.5% during the forecast period.
With the rising number of COVID-19 cases, many countries found themselves in lockdown and have suspended trade with other countries. They have also implemented travel restrictions, which has led to a decline in medical services. The number of visits to hospitals and clinics for medical purposes decreased, leading to a subsequent decrease in the demand for surgeries and thereby, medical implants. Also, the manufacturers have thus seen a significant decline in their revenue, as compared to the growth rates in the past decade. However, as these restraining factors were only for a short-term basis in 2020, the market is expected to witness notable growth rates post the COVID-19 pandemic.
The major factors contributing to the growth of the medical implants market are the increasing geriatric population, burden of chronic diseases, increasing demand for cosmetic dentistry, and technological advancements in medical implants.
The global population is aging rapidly, owing to reduced birth rates and increasing life expectancy. According to the World Population Ageing 2019 (United Nations, 2019) Report, the world’s elderly population continues to grow at an unprecedented rate. There were about 703 million people aged 65 years or above across the world in 2019. This count of elderly people is projected to double to 1.5 billion by 2050. Worldwide, the percentage of the elderly population aged above 65 years increased from 6% in 1990 to 9% in 2019. This increase in the number of elderly people is found to augment the number of disorders, which subsequently is boostingthe demand for medical implants across the industry. Hence, the rising geriatric population, coupled with the increasing incidence of chronic diseases, is driving the need for medical implants.
Few other factors are playing pivotal roles in accelerating the medical implants market, which include the hike in disposable income among people, technological advancements in the field of implants, availability of better medical facilities, and a growing number of cases involving damaged limbs or organs caused by various accidents.
However, the high cost of medical implants and stringent regulatory policies are expected to restrain the medical implants market for the forecast period.
Scope of the Report
As per the scope of the report, medical implants are devices or tissues that are placed inside or on the surface of the body. Many implants are prosthetics, intended to replace missing body parts. Other implants deliver medication, monitor body functions, or provide support to organs and tissues. The medical implants market is segmented by product (orthopedic implants, cardiovascular implants, ophthalmic implants, dental implants, facial implants, breast implants, and other products), type of material (metallic biomaterial, polymers biomaterial, natural biomaterial, and ceramic biomaterial), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers the value (in USD million) for the above segments.
|By Type of Material|
Key Market Trends
Orthopedic Implants Segment is Expected to Hold the Largest Market Share in the Medical Implants Market
Orthopedic implants are medical implant devices that are used to replace missing joints or bones or to give support to damaged bones. These devices are manufactured using titanium alloys and stainless steel for strength, while plastic coating acts as artificial cartilage. Internal fixation is a surgery in orthopedics, which involves the implementation of implants, in order to repair the damaged bone. These implants are also intended to treat deformities, stabilize body posture, and restore normal skeletal function.
Furthermore, as the COVID-19 pandemic has burdened the healthcare system, there has been a decrease in the number of orthopedic surgeries being performed, restricting the demand for medical implants. However, post-pandemic, the demand is expected to increase during the forecast period.
Orthopedic implants have thus witnessed a shift from conventional surgical procedures to modern fixation and prosthetic devices. The demand for orthopedic implants has increased significantly, owing to the increase in the geriatric population that increases the risk of osteoporosis, osteoarthritis, and other musculoskeletal disorders.
There are also increased osteoarthritis and rheumatoid arthritis cases that result in elbow pain and disability and lead patients and their doctors to consider elbow joint replacement surgery. About 458,000 Australians have rheumatoid arthritis, based on self-reported data from the Australian Bureau of Statistics (ABS) 2017–18 National Health Survey (NHS). Rheumatoid arthritis represented 13% of all arthritic conditions in 2017–18.
According to the Arthritis Research, UK report on “The State of Musculoskeletal Health 2018”, it is estimated that 17.8 million people live with a musculoskeletal condition in the United Kingdom, which is around 28.9% of the total population. The statistics show that the number of orthopedic surgeries is increasing, which leads to an increase in the demand for orthopedic implants.
Also, the number of people undergoing joint replacement surgeries, such as total hip and knee replacement, has increased steadily and continues to grow due to an increase in the aging population. The rise in the number of osteoporosis-related fractures and musculoskeletal diagnoses is driving the demand for orthopedic implants among the population aged 65 years or above, thus boosting this segment’s growth.
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North America is Expected to Dominate the Medical Implants Market During the Forecast Period
North America currently dominates the global medical implants market and is expected to follow the same trend throughout the forecast period. This is due several factors, such as the rising incidence of chronic diseases like arthritis in the country, well-established insurance policies, and the availability of advanced healthcare infrastructure.
Amid the COVID-19 crisis, several medical institutions have issued a rule that all non-emergency medical procedures have to be postponed by the healthcare practitioners as patients are at high risk of cross-infection. Therefore, this has affected medical services in the country. The broader economic consequences of COVID-19 may also affect medical implant access. Hence, this may significantly affect market growth.
On the other hand, medical visits have been observed to increase in the United States. According to the Centres for Disease Control and Prevention, in 2017, around 64% of the adult population (between 18 years and 64 years) visited clinics for medical purposes. The increase in medical visits is due to the rising burden of chronic diseases like diabetes, obesity, etc.
The medical implants market in Asia-Pacific is also expected to grow at a high rate in the next few years. This is attributed to the increasing aging population, growing awareness about therapeutic applications of medical implants, increasing prevalence of chronic diseases, increasing disposable income, and developing healthcare infrastructure in the region.
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The medical implants market is fragmented and consists of several major players. In terms of market share, few of the major players are currently dominating the market. Some of the prominent players are vigorously making acquisitions with the other companies to consolidate their market positions globally. These major companies operating in the global medical implants market include Abbott Laboratories, 3M company, Strauman AG, Dentsply Sirona, Johnson & Johnson Limited, Stryker, and Boston Scientific Corporation, among others. The various product launches and mergers and acquisitions with local as well as established international players are the trends prevalent in the market.
In July 2020, XencoMedical announced the launch of its CancelleX porous titanium lumbar interbodies, the first injection-molded titanium foam spinal implants pre-attached to disposable, composite polymer instruments. These implants are reported to be the first injection-molded titanium foam implants for spine surgery pre-attached to disposable instruments.
In October 2020, Medtronic announced the US launch of Adaptix Interbody System, a navigated titanium implant with Titan nanoLOCK surface technology, a blend of surface textures on the macro, micro, and nano levels.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Geriatric Population and Burden of Chronic Diseases
4.2.2 Increasing Demand for Cosmetic Dentistry
4.2.3 Technological Advancements in the Medical Implants
4.3 Market Restraints
4.3.1 Stringent Regulatory Reforms
4.3.2 Reimbursement Issues and High Cost of Medical Implants
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Orthopedic Implants
188.8.131.52 Hip Orthopaedic Device
184.108.40.206 Joint Reconstruction
220.127.116.11 Knee Orthopedic Devices
18.104.22.168 Spine Orthopedic Devices
22.214.171.124 Other Products
5.1.2 Cardiovascular Implants
126.96.36.199 Pacing devices
188.8.131.52 Structural Cardiac Implants
5.1.3 Ophthalmic implants
184.108.40.206 Intraocular lens
220.127.116.11 Glaucoma Implants
5.1.4 Dental Implants
5.1.5 Facial Implants
5.1.6 Breast Implants
5.1.7 Other Implants
5.2 By Type of Material
5.2.1 Metallic Biomaterial
5.2.2 Polymers Biomaterial
5.2.3 Natural Biomaterial
5.2.4 Ceramic Biomaterial
5.3.1 North America
18.104.22.168 United States (By Product and By Material)
22.214.171.124 Canada (By Product and By Material)
126.96.36.199 Mexico (By Product and By Material)
188.8.131.52 Germany (By Product and By Material)
184.108.40.206 United Kingdom (By Product and By Material)
220.127.116.11 France (By Product and By Material)
18.104.22.168 Italy (By Product and By Material)
22.214.171.124 Spain (By Product and By Material)
126.96.36.199 Rest of Europe (By Product and By Material)
188.8.131.52 China (By Product and By Material)
184.108.40.206 Japan (By Product and By Material)
220.127.116.11 India (By Product and By Material)
18.104.22.168 Australia (By Product and By Material)
22.214.171.124 South Korea (By Product and By Material)
126.96.36.199 Rest of Asia-Pacific (By Product and By Material)
5.3.4 Middle East and Africa
188.8.131.52 GCC (By Product and By Material)
184.108.40.206 South Africa (By Product and By Material)
220.127.116.11 Rest of Middle East and Africa (By Product and By Material)
5.3.5 South America
18.104.22.168 Brazil (By Product and By Material)
22.214.171.124 Argentina (By Product and By Material)
126.96.36.199 Rest of South America (By Product and By Material)
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Biotronik SE & Co. KG
6.1.3 Boston Scientific Corporation
6.1.4 Cardinal Health, Inc.
6.1.5 Conmed Corporation
6.1.6 Globus Medical, Inc.
6.1.7 Integra Lifesciences Holdings Corporation
6.1.8 Johnson & Johnson
6.1.9 Smith & Nephew PLC
6.1.10 Stryker Corporation
6.1.11 Zimmer Biomet
6.1.12 Straumann AG
6.1.13 Dentsply Sirona
6.1.14 Osstem Implant Co. Ltd
6.1.15 Henry Schein Inc.
6.1.16 Integra LifeSciences Holding Corporation
6.1.17 Abbvie Inc. (Allergan PLC)
6.1.18 Ivoclar Vivadent Inc.
6.1.19 GC Aesthetics
6.1.20 3M Company
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Medical Implants Market market is studied from 2018 - 2026.
What is the growth rate of Global Medical Implants Market?
The Global Medical Implants Market is growing at a CAGR of 6.5% over the next 5 years.
Which region has highest growth rate in Global Medical Implants Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Medical Implants Market?
North America holds highest share in 2020.
Who are the key players in Global Medical Implants Market?
Boston Scientific Corporation, Smith & Nephew PLC, Stryker Corporation, Zimmer Biomet, CONMED Corporation are the major companies operating in Global Medical Implants Market.